Joseph Nnanna Replaces Alade as African Finance Corp Chairman

Leading pan-African multilateral development finance institution and project developer, Africa Finance Corporation (AFC), on Wednesday announced the appointment of Dr Joseph Nnanna, Deputy Governor at the Central Bank of Nigeria (CBN) as new chairman of its board.
Dr. Nnanna replaces Dr Sarah Alade, another representative of the CBN, who officially retired from the apex bank on March 22, 2017, after over three decades of experience as an economist and banker.
She consequently stepped down as Chairman of the AFC board on Wednesday, March 29, 2017.
Nnanna, a former Director of the CBN, was a consultant to the Federal Government of Nigeria, the United Nations Conference on Trade and Development, and, on the Board of the International Monetary Fund.
Commenting on the change, Mrs. Alade, said: “It has been a privilege to serve as chairman of such a dynamic and fast-growing organisation.
“I have had the pleasure of overseeing some of the company’s milestones, including the Company’s inaugural Eurobond, Swiss Franc (CHF) and Sukuk issuances, expansion of country membership from 9 to 14, expansion of the Corporation’s operational footprint to 28 countries, growth in the balance sheet to US$3.4 billion, and, the creation of the African Power Platform vehicle with Harith General Partners of South Africa. I have no doubt that the Corporation will continue to flourish under my successor and wish both him and AFC the best in the future.”
Paying tribute to the retiring chairman, Andrew Alli, President and Chief Executive of AFC, expressed gratitude “for the notable contribution that Dr Alade has made to AFC during her time as chairman of the board.”
He recalled that during her tenure, “the Corporation has expanded rapidly, and approximately US$4bn has now been invested in projects across 28 African countries, helping to drive economic and social development.
“We welcome Dr Nnanna to his new role and look forward to working with him to continue this success in the future.”
The corporation is billed to celebrate its 10th anniversary between May 15 and 16, 2017 with the AFC Live Summit, bringing together many the top international players in African infrastructure investment for high level discussions on the industry’s many challenges, and potential solutions.